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NZDUSD rebounds into the upside targets after correction yesterday stalled


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Above the 100 hour MA.

The NZDUSD fell yesterday and in the Asia-Pacific session, the price fell also below its 200 hour moving average (green line in the chart below). However, when the price momentum could not be sustained below that moving average, and the price moved back above (it is currently at 0.67945), the sellers turned to buyers, and the price stepped higher.  

The NY session has seen that trend continue the move higher with a move above the 100 hour moving averages 0.68319 (blue line in the chart above).  That is more bullish.  However, the move is now approaching other targets including:

  • A topside trend line at 0.6857
  • The underside of a broken trendline and 0.6868, and finally
  • The key 200 day moving average at 0.6878 (see D1 MA green line in the chart above).

The price action is more bullish (buyers in control) above the 100 hour MA, but there is some key levels to get through.  
Taking a broader look at the daily chart below, the importance of the 200 day moving average is more evident.  The price of the NZDUSD is not traded above that moving average since April 23. The high from last week was a clear rejection (well seller leaned against the level which is expected on the first test). 
Helping the bulls case is that the correction also the 200 day moving average fell below the 38.2% at 0.68106 (and the earlier November swing high). That should have been more bearish, but the price has rebounded. The sellers failed on their run lower (buyers in control).

So the buyers are keeping the control, but the 200 day MA is a key, key target to get to and through (should open the door for more upside momentum).   A move above would look toward the 50% at 0.69302 as the next key target on a more bullish run. 
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